“7 Countries Considering Abandoning the US Dollar”

[NightWatcher]

from Larry Johnson
http://noquarterusa.net/blog/2007/11/07/7-countries-considering-abandoning-the-us-dollar/

Stocks Tumble on Weak Dollar and Oil Prices, New York Times: By MICHAEL M. GRYNBAUM 6 minutes ago || “Stocks dropped sharply today as investors grew skittish on a weak dollar, record-breaking oil prices and warning signs from the corporate sector. http://www.nytimes.com/2007/11/08/business/07cnd-stox.html?hp

(2) China Remarks Drive Dollar Lower, New York Times: “Currency traders gave the dollar a thorough pounding today after a Chinese official suggested that the country could begin to diversify its huge foreign-exchange reserves. The euro broke the $1.47 barrier before retreating a little and the pound climbed above $2.10, a value it had not reached 26 years ago. Other currencies also posted gains against the dollar.
http://www.nytimes.com/2007/11/08/business/worldbusiness/07cnd-dollar.html?_r=1&hp&oref=slogin

ORIGINAL: Very worrisome. Leslie just e-mailed this to me, and I thought I’d better toss this up for your evaluations and discussions. From CurrencyTrading.net: http://www.currencytrading.net/2007/7-countries-considering-abandoning-the-us-dollar-and-what-it-means/

It’s no secret that the dollar is on a downward spiral. Its value is dropping, and the Fed isn’t doing a whole lot to change that. As a result, a number of countries are considering a shift away from the dollar to preserve their assets. These are seven of the countries currently considering a move from the dollar, and how they’ll have an effect on its value and the US economy. …

The seven countries: 1) Saudi Arabia, 2) South Korea, 3) China, 4) Venezuela, 5) Sudan, 6) Iran, and 7) Russia. The article gives details on each country’s reasoning and concerns, followed by a discussion of the implications.
___________________________________________________________

Saudi Arabia, South Korea, China, Venezula, Sudan, Iran, and Russia....which of these would we like to bomb and who of these are out friends?

[bdamomma]

1. oh boy, this is not good.

[NightWatcher]

2. when saddam was about to start trading oil in euros, we bombed his ass

[PATRICK]

5. WMD

Weapons of massed dollars. Iran can use it because the weapons are there, in China, and can be triggered by Iran, now. Iran can even PROVOKE a fatal US attack and take us out economically. Wouldn't it be nice if the news media could give people a clue about that? Can't, because it might make our stocks tremble. This reminds me of the period before WWI and 1929 all rolled into one fast ride.

[bdamomma]

9. yes, I read or heard the same thing.

so how can the Federal Reserve keeping on playing this down, like nothing is happening. When it hits it will hit everyone hard.

[Fovea]

3. For three years now

I have been trying to tell people that the way our enemies will take us down is economically.
In WWII, when the dollar was backed by hard assets, it might have been able to stand alone, but not now.
All they needed was a plan to shift as much of their investment to Euros, or build up their own currency so as to absorb the shock of knocking the props out the dollar, and presto.

It's 1929, all over again, only on steroids and with a case of rabies.

[Old and In the Way]

8. Our "enemies" are the ones making policy.

We have no one to blame, but the people who are calling the shots in DC. It's been 7 years of incompetence, by design. I suspect that the criminals in charge are doing their damndest to kill the economy, just so they can have an excuse to declare martial law. Given their treasonous acts that would be exposed under a Democratically controlled WH and Congress, you have to wonder if this is a systematic scortched Earth policy to set the table for their benefit? Another reason to impeach these people.

[Fovea]

15. Sure.

By enemies I mean those who are against the current neo fascist administration. But just because they oppose us, does not make them wrong.

Until our government changes and re-aligns with the international community instead of being a butt boy for stateless corporations, we will have more and more enemies. We are making them as fast as we can.

[Deja Q]

12. And their own actions don't help themselves either.

[Pierre.Suave]

4. Every day

I get closer and closer to moving to Europe.

[TahitiNut]

6. That would cause the dollar to plummet even faster. Good job, George!

:puke:

The best way to "drown government in a bathtub" is to eradicate the global value of its currency.

[Old and In the Way]

7. I hope the Presidential Prayer Team over at FreeRepublic are working overtime.

The Decider Guy's background was bankrupting companies. I think he'll be able to add our country to his resume before it's over.

I sure am glad we have these clowns in charge. Letting 9/11 happen, invading country's on lies, spending a trillion dollars to get oil from $1.50 to $3.00/gallon, letting a US city drown, getting the entire world to hate us, now destroying the USD....heck of a job Bushie! Mission Accomplished!

[Prisoner_Number_Six]

10. I thought the Treasury was printing money as fast as it can.

Got a good wheelbarrow on hand? You're gonna need it to haul all your cash around in.

[flashl]

11. Iran's "offense"

The Real Reasons Why Iran is the Next Target: The Emerging Euro-denominated International Oil Marker

27 October 2004

The Iranians are about to commit an "offense" far greater than Saddam Hussein's conversion to the euro of Iraq’s oil exports in the fall of 2000. Numerous articles have revealed Pentagon planning for operations against Iran as early as 2005. While the publicly stated reasons will be over Iran's nuclear ambitions, there are unspoken macroeconomic drivers explaining the Real Reasons regarding the 2nd stage of petrodollar warfare - Iran's upcoming euro-based oil Bourse.

Read More ...

[libnnc]

13. gulp

:scared:

[EVDebs]

14. Related DU post that I found interesting

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x319350